HOUSTON — A former Merrill Lynch wealth management adviser is claiming the firm risked his professional licensing, stole his clients and made false oral and written employment promises.
Michael Chan filed a complaint Dec. 1 in Harris County District Court against Merrill Lynch, Pierce, Fenner & Smith Inc., and Kang, Huang and Associates alleging breach of contract, fraud, unjust enrichment and other claims.
According to his complaint, Chan entered into an employment agreement with the defendants to work as a wealth management advisor. He alleges the agreement included both "oral and written promises" made by the defendants.
He alleges that the defendants "jeopardized" his professional license because they failed to "take certain administrative actions" and that they "maliciously and falsely" reported that he had been terminated. Chan further alleges that the defendants stole his clients and are receiving "wealth management fees" from his clients.
Chan claims misrepresentations and false promises made by the defendants caused him to "cease or curtail" seeking other job opportunities.
Chan seeks monetary relief of more than $1 million, interest, trial by jury and all other just relief. He is represented by Stephen Walker of The Law Offices of Manuel Solis PC in Houston.
Harris County District Court case number 2020-76800